Northcoders Group announced it raised around £2.1 million through a share placing, which will be used to fund four new technology training courses.
Northcoders is a provider of training programmes for software coding and is based in Manchester, Leeds, Newcastle and Birmingham.
The firm said it placed 964,444 new ordinary shares at a price of £3.00 each. It reported the placing was significantly oversubscribed, making a secondary placing necessary to satisfy investor demand.
Founder and CEO Chris Hill and chief operating officer Amul Batra both agreed to sell 19,588 and 19,587 existing ordinary shares at the placing price.
The sales mean Hill and Batra now hold around 20% and 12% of total share capital respectively.
Further, two unnamed employees agreed to sell 50,000 new ordinary shares at the placing price.
Northcoders chair Angela Williams said: “Following our successful IPO in July 2021, we have seen significant growth in demand for our technology training across the UK and this placing will further accelerate our growth, allowing us to add four new training courses which will not only increase the technology bootcamp numbers but also provide a broader service offering to our growing list of corporate clients.
“We are also excited to invest further in our key Ncore technical delivery platform, which will improve cost of sale efficiencies.”
Amati Global Investors Ltd subscribed to 106,679 placing shares and now holds around 14% of total share capital.
Reporter: Greg Rosenvinge
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